Posted by QuickReadAbout.com Staff in Every business man and woman has a company in mind that symbolizes successful business to them. For me, its Microsoft and Bill Gates. I know that not everyone likes Microsoft, but hey I remember the virtual Stone Age that ruled in the world before Windows!
Microsoft has literally impacted the entire worlds lifestyles and economies. That spells S-U-C-C-E-S-S to me. Maybe thats why I was so shocked to find out that this Super Company was losing money on one of its newest and high-demand products.
The very idea had me scratching my head. Microsoft and profit losses go together about like boxing gloves and fine china. When I think of the computer giant, I automatically associate it with big bucks and success. It caught me by surprise to find out that the Xbox 360 has cost Microsoft millions of dollars!
Why would this globally recognized business be willing to lose millions of dollars on just one product? Its a simple idea known as market dominance, and theyre interested in being king in a brand new market of video game consoles.
Market dominance works like a word association game. For example, I say department store. What pops into your mind? Theres a pretty good chance it was Wal Mart. If I say computer, youre likely to think Microsoft – unless youre a hard-core Macintosh or Linux fan.
The goal to market dominance is to have your business name pop into the minds of your potential customers in direct association with the product or service that you offer. Now, dont sweat it. You dont have to sink millions of dollars into a profit losing product to do it.
It really can be as simples as these four easy steps
1. NEVER allow a customer to leave without getting contact information.
Capturing contact information is crucial whether your business is online or offline. It can be as simples as a questionnaire on your counter or a pop-up box on your web page. Do whatever it takes to get the information you need to stay in contact with them.
2. Use Direct Mail
Id suggest using flyers and post cards about 18 times each year to keep your potential customers linked. After a while, theyll become familiar with your business and know your logo and message by heart. After all, the kids dont even write home from college that often!
3. Use the Telephone
As the popularity of telemarketers hits an all-time low, businesses tend to shy away from using it. Dont forget that it is still a valuable tool that can keep you hooked up with potential consumers.
4. Email
If you havent invested in an email campaign this would be a good time to start. Email is a great way to effectively build a solid bond with your audience. Ezines, or online newsletters, are perfect for setting yourself up as the expert in the field. If you feed your consumers a weekly tidbit of valuable information, theyll soon come expect excellence in association with your business.
Gaining market dominance can be as simple as keeping in constant touch in a variety of ways with potential consumers, but one of the most profitable investments youll ever make.